President Lungu Ponders Exchange Controls to Arrest Kwacha Fall


President Edgar Lungu is opening up to the possibility of introducing exchange control measures to arrest the free-fall of the kwacha.

Special assistant to the President for press and public relations Amos Chanda said that the kwacha fall was being fuelled by speculators.

He said that there could be need to freeze the fall by introducing drastic measures.

The kwacha has been on the fall sinking as low as K10 against the dollar at the close of business last week.

“The President may introduce exchange control measures to stop the kwacha from collapsing. This was largely caused by speculators because at one time there was a cash problem in the economy a lot of contractors had not been paid,” he said.

But opposition leader Hakainde Hichilema says those wanting to introduce exchange controls belong to the dustbin.

He says on Friday, the Kwacha depreciated five times which he has never seen ever in his life.

Hichilema says when PF took office in 2011, the kwacha was K5 to a dollar but today it is K10 because the PF are “Chimbwi no plan.”

He says the depreciation of the Kwacha should not be blamed on the global crisis because the PF leadership should plan for unforeseen circumstances alleging that President Lungu does not have the capacity to plan.

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Source: Zambia Reports

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